A money changer counts Turkish lira bills at an currency exchange office in central Istanbul, Turkey, August 21, 2015. REUTERS/Murad Sezer
ISTANBUL, June 7 (Reuters) – Sales of foreign currency to Turkey's state economic enterprises – primarily energy importer Botas – amounted to $1.82 billion in May, the central bank said on Tuesday, down from a record $5.37 billion in February.
The total amount of foreign currency sold to state institutions so far this year was $17.9 billion, according to data. The central bank used reserves to lessen the impact of the state's forex demand in the market.
Turkey imports almost all its energy needs, leaving it vulnerable to price swings. Surging energy prices after Russia's invasion of Ukraine pushed costs higher, threatening to derail an economic plan aimed at achieving a current account surplus.
The contribution of foreign currency reserves through rediscount credits was $2.4 billion in May, adding a total $10.4 billion to central bank reserves this year via this channel.
The lira currency has lost some 20% of its value this year, on top of a 44% plunge last year.
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Bundesbank President Joachim Nagel objected to the European Central Bank's promise of fresh support for the bloc's indebted south at an emergency meeting last month, reviving a divide between the ECB and its biggest shareholder, sources familiar with the matter told Reuters.
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